The much-hyped TRUMP meme coin has dropped over 60% after peaking at the highest price of $75.08 on 19th January. Currently trading at $25, this Trump-backed official meme coin is at the center of discussions among crypto investors about whether it will ever rise again.
Launched by Donald Trump two days before his inauguration, TRUMP quickly rose to billions in market capitalization within hours of its announcement. The meme coin so far became one of the most traded crypto assets with thousands of traders buying it in huge amounts.
As per DEXScreener data, TRUMP is trading at $25.58 – down over 17% in the past 24 hours. It has a total liquidity of merely $4.5 million while noting a market cap of $5.15 billion and FDV at $25.81 billion.
Will TRUMP Price Rise Again?
While it’s not certain that Donald Trump will again endorse TRUMP memecoin, investors are buying it impulsively just in case the president makes any mention of it in the near future.
StalkChain, an onchain research platform, cites in a X post that TRUMP was the most bought token by Smart Money in the past 24 hours. This move suggests renewed interest from investors who missed it buying in the early phase.
Given that the TRUMP’s market supply is not fully vested yet, it’s likely that the team behind the project might share any announcement sooner. Also, the buying to selling ratio is positive for TRUMP, meaning that more and more investors are seeing greater potential in its price.
The broader market sentiment on TRUMP gives mixed signals as analysts believe a potential mention from the president Donald Trump will pump it to new highs in the coming days, whereas most believe that it’s already a dead crypto asset.
The typical life-cycle of memecoins suggest that they hardly bounce after initial inflated hype but this one could be considered an exception as it is launched and endorsed by Trump himself and has reached billions in market cap.
[cryptotimes]